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Issue 735 - 26th March

  • News Analysis

    • Capital Relief Trades
      • The Collins catalyst

        Dodd-Frank amendment could provide tipping point for US CRTs

        The take-off of the US capital relief trades market has been predicted for several years. This CRT Premium Content article explores whether the increasingly onerous impact of the Collins Amendment could provide the tipping point. This amendment to...

    • CMBS
      • Manager maintenance

        CRE CLO credit quality maintained by manager strategies

        CRE CLOs have performed well through the pandemic, maintaining their OC cushions, largely as a result of their managers' actions. Those actions, including reinvestment loan workouts and credit risk exchanges, have been supported by the evolut...

    • CLOs
      • Short-lived slowdown?

        CLO primary volumes temporarily ease but set to return

        The CLO primary market is slightly easing up into quarter-end, albeit from hitherto unseen volumes. However, any slowdown is likely to be short-lived as the market’s supply-demand dynamics kick back in in Q2, amid an increased ESG focus. ...

    • ABS
      • Flexible financing

        Alternative auto ABS structures eyed

        Due to the digitalisation of the auto finance industry, many buyers of vehicles are able to start and complete their purchases online, which is driving a switch from vehicle ownership to usage. Accelerated by the impact of the coronavirus pandemic, t...

  • News

    • ABS
      • Landmark NPL ABS inked

        Banca Ifis completes salary assignment securitisation

        Banca Ifis has finalised a securitisation backed by a €1.3bn non-performing loan portfolio in gross book value terms. The transaction is the first Italian NPL ABS to be secured directly by salary and pension assignment loans. Rated by Mood...

    • Structured Finance
      • Corporate failures

        Default study sheds light on governance

        Governance failures have been shown to be a contributing factor in a large percentage of corporate defaults, according to a new study. Nevertheless, economic downturns remain the driving factor for most defaults. According to a new Fitch study, eco...

      • SCI Start the Week - 22 March

        A review of securitisation activity over the past seven days

        Last week's stories Bifurcated bother Stress for CMBS secured by ground fees, leaseholds Diversification play MPL platforms broadening product offerings Greek synthetic debuts Piraeus Bank finalises capital relief trade Legislative hoo...

    • Capital Relief Trades
      • Risk transfer round-up - 22 March

        CRT sector developments and deal news

        NatWest is believed to be readying two more capital relief trades in addition to a UK SME deal that is expected to close this year (SCI 19 March). The first is allegedly backed by corporate loans, while the second references project finance exposures...

      • SRT upsized

        Reverse enquiry for agricultural loan trade

        Lloyds has upsized all three tranches of its Fontwell Two capital relief trade by a combined total of approximately £28m. The initial notes were successfully placed with institutional investors in December 2020, despite significant headwind...

    • RMBS
      • Assessing arrears

        Withdrawal of UK support measures eyed

        Most UK residential mortgage borrowers who took coronavirus-related payment holidays in 2020 have restarted payments. Indeed, performance data for UK RMBS master trusts shows that prime mortgage arrears did not increase after payment holidays ended i...

  • Market moves

    • Structured Finance
      • CLO fallback language reviewed

        Sector developments and company hires

        CLO fallback language reviewed S&P has reviewed the indentures of the 870 CLOs it rates to assess Libor fallback language governing a transaction's liabilities. The majority (76%) of its rated CLO transactions closed between 2018 and...

      • Red Cross in humanitarian cat bond first

        Sector developments and company hires

        Red Cross in humanitarian cat bond first The first-ever humanitarian catastrophe bond covering pure volcanic eruption risk has been completed using a Guernsey ILS structure. Sponsored by the Danish Red Cross, the US$3m issuance was privately placed...

      • Securitisation tax consultation underway

        Sector developments and company hires

        Securitisation tax consultation underway The UK HMRC has launched a consultation seeking views on the taxation of securitisation companies. The UK government says it has identified - through ongoing dialogue with the industry - areas where it may be...

      • CLO pricing service selected

        Sector developments and company hires

        CLO pricing service selected SCI Valuations has been selected by Bloomberg’s Enterprise Data business to provide daily CLO debt pricing to integrate with Bloomberg’s Liquidity Assessment (LQA) tool. The integration of this data...

      • STS amendments passed

        Sector developments and company hires

        STS amendments passed The European Parliament has passed amendments to the existing STS Regulation and concomitant changes to the CRR, including allowing certain synthetic on-balance sheet securitisations to achieve STS status. PCS notes that to qua...

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